Markets & Finance

InfoSpace Climbs

Technology company InfoSpace (INSP) posted 37 cents second-quarter EPS, vs. a 53-cent loss on a 72% revenue rise. It sees $60 million to $64 million in third-quarter revenue, and 22 cents to 27 cents operating EPS. InfoSpace raised the $205 million to $217 million 2004 revenue estimate to $227 million to $237 million, and sees 97 cents to $1.08 operating EPS. Piper Jaffray upgraded to outperform.

Taro Pharmaceuticals (TARO) posted a 31-cent second-quarter loss vs. 51 cents EPS on a 34% sales drop. Taro believes sales decreased due to the timing of purchases by wholesale customers, who appear to be reducing their inventories.

Krispy Kreme Doughnuts (KKD) announced the Securities and Exchange Commission is conducting an informal, non-public inquiry regarding the company. It says the inquiry generally concerns its franchise reacquisition, and the previously announced reduction in earnings guidance.

Goldman Sachs downgraded General Motors (GM) to underperform from in-line.

Express Scripts (ESRX) posted 83 cents, vs. 74 cents, second-quarter EPS on a 13% revenue rise. It sees 2004 EPS increasing in the lower half of a 20% to 25% range over 2003, excluding non-recurring items. The company received a notice of proposed litigation from New York's attorney general and expects civil-investigative demands from 19 other states over its prescription-drug plans for state employees. Schwab SoundView cut its estimates.

The Securities and Exchange Commission approved a formal order of investigation on GTech Holdings (GTK) in matters it examining related to media reports about public corruption issues in Brazil and subpoenas that GTech was served with a civil complaint from the public ministry in Brazil.

Symbol Technologies (SBL) posted 12 cents, vs. 3 cents, second-quarter EPS on a 16% revenue rise. It sees $435 million to $445 million in third-quarter revenue, and 11 cents to 12 cents EPS. A court ordered Proxim to pay Symbol about $23 million in damages, plus $3 million interest, in a patent dispute.